Forwardly Inc (FORW)

[surfkast]

They do not hold a 12.6% stake. They hold 2 million shares.
Warrants are nothing until excised.

What Is a Warrant? Warrants are a derivative that give the right, but not the obligation, to buy or sell a security—most commonly an equity—at a certain price before expiration. The price at which the underlying security can be bought or sold is referred to as the exercise price or strike price.
Also, since warrants are not equity shares, they do not carry any dividend or voting rights. It is only after warrants are converted into equity shares does the investor gain dividend and voting rights.

https://economictimes.indiatimes.com/definition/equity-warrants?from=mdr